Sucker's Rally

I said we'd probably see the change in ES in a few hours, turns out it didn't take that long.

 The EUR/USD since the close at 4 p.m. hasn't made a new high, remember this for the next charts.

 Here's 3C on ES, which has been working very well, a decent positive leading divergence earlier today with confirmation at the green arrow, that's now moved to a leading negative divergence or the start of one.

You can see 3C showing distribution now and at the bottom is the ES/ EUR-USD correlation indicator usually running at 1.0 or near perfect correlation, it's running negative as ES looks to be distributing to "suckers". My guess (and it's early for a guess) is that overnight ES likely moves lower opening the market down and catching those who chased the rally at a loss.  The larger volume toward the close with no additional new highs looks to have been the hand-off hour, better known as churning (shares exchanging from strong hands to weak hands).